Mexican Aviation Stocks Emerge as Strategic Plays for Reshoring Trend

The ongoing trend of 'reshoring'—the migration of industrial capacity from Asia, particularly China, back to the Americas—is positioning Mexico as a primary beneficiary of North American supply chain restructuring. While high-tech sectors like semiconductors are returning to the U.S., a significant portion of general manufacturing is flowing into Mexico, driving a surge in business travel and logistics. Publicly traded airport operators in Mexico provide a unique vehicle for investors to capture this growth. Unlike U.S. airports, these companies hold long-term government contracts, typically spanning 50 years, to manage assets and share profits, benefiting directly from increased passenger volume and approved price hikes. Grupo Aeroportuario del Pacífico (PAC) manages hubs in Guadalajara, Tijuana, and Puerto Vallarta, blending industrial capacity with international tourism. Despite a 15% decline from recent highs due to concerns over regional security and oil prices, the company has seen revenue grow 286% over the last decade. It currently offers a 3.5% dividend yield and trades at 13 times trailing EBITDA. For those seeking a pure reshoring play, Grupo Aeroportuario del Centro Norte (OMAB) focuses on Monterrey, Mexico's premier industrial city. Monterrey's proximity to the U.S. and its role as a manufacturing powerhouse have driven significant growth, with passenger traffic in the city increasing 15% in 2025. OMAB currently trades at 11.5 times EBITDA with a 4.2% dividend yield. As global companies continue to diversify away from Asian manufacturing, the infrastructure supporting these industrial hubs is expected to see sustained demand. The valuation gap between these operators and their historical growth suggests a potential entry point for long-term investors.